True Random Thoughts

#529
#529
Don’t forget:

For those of us who don’t itemize on taxes, you can nevertheless get a deduction on up to $300 worth of donations (cash, credit card, debit card; not yore slightly used tightly-whities to Goodwill.) it’s part of the CARES Act. We’re saving some bucks this year for good causes.

This includes your donations to religious organizations, Red Cross, etc. Be sure to check the links in this below for information on eligible groups:

Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize | Internal Revenue Service

The specific IRS pub regarding what’s eligible:

Publication 526 (2019), Charitable Contributions | Internal Revenue Service
 
  • Like
Reactions: Tin Man, 95 Vol Alum, joevol33 and 1 other person
#535
#535
VolNExile said:
Don’t forget:

For those of us who don’t itemize on taxes, you can nevertheless get a deduction on up to $300 worth of donations (cash, credit card, debit card; not yore slightly used tightly-whities to Goodwill.) it’s part of the CARES Act. We’re saving some bucks this year for good causes.

This includes your donations to religious organizations, Red Cross, etc. Be sure to check the links in this below for information on eligible groups:

Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize | Internal Revenue Service

The specific IRS pub regarding what’s eligible:

Publication 526 (2019), Charitable Contributions | Internal Revenue Service
Click to expand...
I haven’t read the updates on the changes on filing taxes this year yet. Would have been nice to know in January of last year.
 
  • Like
Reactions: VolNExile
#539
#539
Orangeredblooded said:
I haven’t read the updates on the changes on filing taxes this year yet. Would have been nice to know in January of last year.
Click to expand...
Have they changed the filing date, like last year?

FWIW, it’s been a pretty weird year with a lot of changes. I found this out on the other site where I hang out: Bogleheads.org - Index page

(Don’t know if it’s ok to post this here; apologies if not.)
 
#542
#542
VolNExile said:
Have they changed the filing date, like last year?

FWIW, it’s been a pretty weird year with a lot of changes. I found this out on the other site where I hang out: Bogleheads.org - Index page

(Don’t know if it’s ok to post this here; apologies if not.)
Click to expand...
I do my own taxes every year. Like I said I haven’t kept up with any changes this year (I need to), but I’ve read that the filing date has changed for some people (?) because of the stimulus payments. It might only apply to the ones that haven’t collected the payments yet. I’m not sure.
 
  • Like
Reactions: VolNExile
#543
#543
Orangeredblooded said:
I do my own taxes every year. Like I said I haven’t kept up with any changes this year (I need to), but I’ve read that the filing date has changed for some people (?) because of the stimulus payments. It might only apply to the ones that haven’t collected the payments yet. I’m not sure.
Click to expand...
When I did mine, it just asked me if I had received the payments....said it would add it to any potential refund if I hadn't gotten the stimulus payments....I have used TaxAct since that service started
I was able to claim more education expenses this year without itemizing...not much point in our itemizing these days with the changes to the standard deduction
IRS is not accepting or processing any returns right now. Next week, I think.
 
  • Like
Reactions: Orangeredblooded and VolNExile
#544
#544
Orangeredblooded said:
I do my own taxes every year. Like I said I haven’t kept up with any changes this year (I need to), but I’ve read that the filing date has changed for some people (?) because of the stimulus payments. It might only apply to the ones that haven’t collected the payments yet. I’m not sure.
Click to expand...
Hubs did the dry run today in TurboTax Deluxe. Oddly, it asked how much we received in stimulus payments, even though they are not taxable. Maybe the IRS is gathering data so that they can be better tailored to those who actually need them. So maybe that’s affecting filing date.

We didn’t need them, and neither did the moms. We donated them to the local food bank.
 
Last edited:
  • Like
Reactions: Orangeredblooded and GordonC
#545
#545
VolNExile said:
Hubs did the dry run today in TurboTax Deluxe. Oddly, it asked how much we receding stimulus payments, even though they are not taxable. Maybe the IRS is gathering data so that they can be better tailored to those who actually need them. So maybe that’s affecting filing date.

We didn’t need them, and neither did the moms. We donated them to the local food bank.
Click to expand...
Well, the way the first stimulus bill read, the 1200/2400 was going to come off the standard deduction or from people's itemized deductions.
However, it let me take the full standard deduction.
I don't know. You might be correct.
 
  • Like
Reactions: Orangeredblooded and VolNExile
#546
#546
GordonC said:
When I did mine, it just asked me if I had received the payments....said it would add it to any potential refund if I hadn't gotten the stimulus payments...
Click to expand...
That’s it! IIRC, everyone is eligible for the tax credit, including those who never got it because they changed banks, didn’t file in 2019 (didn’t need to), etc.

I’m actually amazed that they got it to as many people as they did. It was a Herculean effort, and with all their staff working from home.
 
  • Like
Reactions: Orangeredblooded and GordonC
#547
#547
VolNExile said:
Hubs did the dry run today in TurboTax Deluxe. Oddly, it asked how much we received in stimulus payments, even though they are not taxable. Maybe the IRS is gathering data so that they can be better tailored to those who actually need them. So maybe that’s affecting filing date.

We didn’t need them, and neither did the moms. We donated them to the local food bank.
Click to expand...
That just shows how much I know. I thought the payments were counted into your income and could affect your taxable income.
 
  • Like
Reactions: VolNExile
#549
#549
GordonC said:
When I did mine, it just asked me if I had received the payments....said it would add it to any potential refund if I hadn't gotten the stimulus payments....I have used TaxAct since that service started
I was able to claim more education expenses this year without itemizing...not much point in our itemizing these days with the changes to the standard deduction
IRS is not accepting or processing any returns right now. Next week, I think.
Click to expand...
I’ve had one of my employees tell me the same thing. He didn’t get either of the stimulus payments, but can applied to his refund. He didn’t tell me what documentation he had to submit.
 
  • Like
Reactions: GordonC
New posts
You must log in or register to reply here.

VN Store



Back
Top